Fill in the Blanks

Topic = Analyzing and Recording Transactions

V. Analyzing Transactions (must obey the accounting equation) A. See T-Account worksheet VI. Processing Transactions A. = gives a complete record of each transaction in one place B. = transferring journal entries into the ledger C. =a list of accounts and their balances at a point in time that proves the equality of debits and credits FastForward Trial Balance D. Search for Errors 1. = two digits are switched within a number. It will be 2. Correcting Errors - removes the amount from the wrong account VII. Debt Ratio A. Formula: Debt Ratio = B. Tells what percent of assets are financed by creditors. The higher the ratio the more risk because liabilities have to be repaid with required payments